Wells Fargo Receives No Objection to Its 2014 Capital Plan

March 26, 2014 04:45 PM Eastern Daylight Time

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced today that the Federal
Reserve Board (FRB) has not objected to the Company’s 2014 Capital Plan
under the recently concluded Comprehensive Capital Analysis and Review
(CCAR) of the nation’s largest banks.

The Company said that its 2014 Capital Plan includes a proposed dividend
rate of $0.35 per share for the second quarter of 2014, subject to
consideration and approval by its Board of Directors at its regularly
scheduled meeting in April. The proposed dividend rate represents a 16.7
percent increase over the current rate of $0.30 per share. The plan also
includes a proposed increase in common stock repurchase activity for
2014 compared with 2013. The Wells Fargo Board of Directors has approved
an increase of 350 million additional shares in the Company’s authority
to repurchase its common stock.

“We are pleased to reward our shareholders’ commitment to Wells Fargo
with increased distributions for 2014,” said Chairman and CEO John
Stumpf. “The Federal Reserve Board’s decision to issue a non-objection
regarding our 2014 Capital Plan allows us to increase our common stock
dividend and continue repurchase activity, which returns more capital to
our shareholders while maintaining a strong capital position.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.5 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 locations, 12,000 ATMs, and the internet
(wellsfargo.com),
and has offices in 36 countries to support customers who conduct
business in the global economy. With more than 264,000 team members,
Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings
of America’s largest corporations. Wells Fargo’s vision is to satisfy
all our customers’ financial needs and help them succeed financially.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future
regulatory capital levels and possible future capital actions, including
common stock dividends and common stock repurchases. Forward-looking
statements speak only as of the date made, and we do not undertake to
update them. Actual capital levels and capital actions may vary
materially from the expectations described in this news release due to a
number of factors, including those described in our reports filed with
the Securities and Exchange Commission and available at www.sec.gov.
The amount and timing of any future common stock dividends or
repurchases will depend on the earnings, cash requirements and financial
condition of the Company, market conditions, capital requirements
(including under Basel capital standards), common stock issuance
requirements, applicable law and regulations (including federal
securities laws and federal banking regulations), and other factors
deemed relevant by the Company’s Board of Directors, and may be subject
to regulatory approval or conditions. The Company may use shares of
common stock acquired under the repurchase authority for any corporate
purpose.